Illinois Housing Market: September 2024 Analysis
The Illinois housing market in September 2024 presents a complex landscape characterized by varying trends across different metrics. While some indicators show growth, others reflect a decline, painting a multifaceted picture of the current real estate environment.
The Median Sales Price in Illinois stands at $293,400, marking a decrease of 2.6% year-over-year (YoY). In contrast, the Median List Price has increased by 4.0% YoY, reaching $297,200. This divergence suggests a potential gap between seller expectations and buyer willingness, possibly influenced by broader economic conditions or local market dynamics.
Price Per Square Foot metrics further highlight this trend. The median Price Per Square Foot has risen by 7.4% YoY to $182, while the Median List Price per square foot has increased by 8.3% YoY to $184. These figures indicate a robust demand for space, even as overall sales prices have softened.
In terms of sales activity, the number of Homes Sold in Illinois has decreased by 8.2% YoY, totaling 11,106 units. Pending Sales have seen a slight decline of 0.6% YoY, with 11,914 transactions in the pipeline. New Listings have also dropped by 1.6% YoY, amounting to 13,208 properties. Inventory levels have decreased by 4.3% YoY, with 28,917 homes available, contributing to a Months of Supply figure that has increased by 10.0% YoY to 2.6 months. This increase in supply relative to demand may be a factor in the declining sales prices.
The Median Days on Market for homes in Illinois is 46 days, reflecting a 3.0% increase YoY. This suggests that properties are taking slightly longer to sell, potentially due to the aforementioned gap between list and sales prices. The average sale to list ratio has decreased by 0.4% YoY to 99.0%, indicating that homes are selling closer to their list prices, albeit with less frequency than in the previous year.
The percentage of Homes Sold above list price has dropped by 5.0% YoY to 35.2%, while the rate of Price Drops has increased by 4.5% YoY to 24.5%. These figures suggest that sellers may be adjusting their expectations in response to market conditions. Additionally, the percentage of homes going Off Market Within Two Weeks has decreased by 4.4% YoY to 45.3%, further indicating a cooling in the market's pace.
Overall, the Illinois housing market in September 2024 is characterized by a mix of rising list prices and declining sales prices, alongside a decrease in sales volume and a slight increase in market time. These trends suggest a market in transition, with potential opportunities for buyers and challenges for sellers as they navigate the evolving landscape.
